Delaware remains the most popular jurisdiction for the domestic formation of private equity and venture capital funds (a “Fund”) as either a limited partnership or limited liability company. In fact, 54.8% of the deals...more
6/3/2024
/ Borrowers ,
Delaware ,
Investment ,
Investment Funds ,
Investors ,
Jurisdiction ,
Lenders ,
Limited Liability Company (LLC) ,
Limited Partnerships ,
Private Equity ,
Venture Capital
A search of the term “discretion” in virtually any credit agreement will yield numerous results. It is the word or words preceding that result that often is a point of much consternation. Many borrowers prefer the use of...more
A common feature included in credit agreements is a limitation on the amount of the unfunded capital commitment of a single investor (or the aggregate unfunded capital commitments of a class of investors) that can be included...more
In the days leading up to the closing of a credit facility, it is not uncommon for the administrative agent to ask each lender a simple question, “do you need a note?” For many lenders, the response is in the affirmative, but...more
In recent months, we have seen several requests to include a swingline facility in the capital call loan documentation for syndicated facilities. Swingline loans are normally made available as a component of a revolving...more
Most limited partners (“Investors”) in a private equity fund (“Fund”) understand the basics of the collateral package in connection with a subscription credit facility, which typically involves a pledge by a Fund and its...more